Here's a super-quick guide to what traders are talking about as global markets tank

UKIP
leader Nigel Farage is seen on TV as traders from BGC, a global
brokerage company in London's Canary Wharf financial centre,
react during trading on June 24, 2016, after Britain voted to
leave the EU.Reuters/Russell
Boyce

Via Dave Lutz, head of ETFs at Jones Trading, here's a quick
guide to what traders are talking about on this chaotic Friday:

"Morning – Wow. UK Out (51.9% to 48.1%), Those below
24years old were 75% remain, 'Leave' overwhelmingly voted by
those over 50. Cameron to resign within 3months - Boris
Johnson the bookie favorite to replace him.

"FTSE Futures were off nearly 9% at one point, Down 'only' 3%
now. Of interest, confidence in EU has collapsed – DAX
and EuroStoxx off 6%+. What's interesting is that
the French CDS (+50bips) has moved significantly more than the UK
CDS (+40 bips) notes our London Office. Italy is off 10% as
Banks across Europe get decimated – EU Bank Index off 13%, London
Banks off 10%, halving losses while Homebuilders are getting
smoked by nearly 25%. Gold Miners ripping
higher.

"ES traded below 2000, losing 5.5% and triggering trading halts -
Has almost cut those losses in half after a sharp bounce off the
200dma, 2050 1st line of heavy resistance, 2068 50dma
as well. VIX was +52% earlier. Let’s see if the
buy tickets emerge as US Traders get going, this is smelling like
a big 'Buy the News.'

Result has opened 'Pandora's Box' for London
housing market - Real estate company JLL has predicted an
immediate slowdown of 10pc to 15pc in UK housing market
transactions, with current levels not expected to return until
2018. Hometrack adds that, historically, external shocks
have been known to reduce sales volumes by up to 20pc."